Five Ways Women Can Close the Retirement Savings Gap

Come retirement age, women are typically in much worse financial shape than men. Even though women now account for about 50% of the workforce, they still make less than men (several hundred thousand dollars to upwards of $1 million less over a lifetime), and because women take time out of the office to care for kids and aging parents (women leave the office for an average of 12 years!), they have a difficult time getting back into the workforce and often must resort to part-time work. No benefits, no pensions.

All of that is compounded by the fact that women live longer than men - about five to six years longer, on average. That makes affording retirement seem downright impossible. But it doesn't have to be that difficult. Ken McDonnell, the director of American Savings Education Council (ASEC), offers his tips on how women can maximize their chances of retiring comfortably: